Russia and Iran to create a joint account for national currency trade

MOSCOW: Russia and Iran plan to create a joint account for national currency trade, Iranian Ambassador to Russia Mehdi Sanaei told in an interview today.

"Both sides plan to create a joint bank, or joint account, so that payments may be made in rubles and Rials and there is an agreement to create a working group” Sanaei said.

The Iranian ambassador added that relations between Moscow and Tehran "are actively developing" and that 2014 was "a very fruitful year" for both countries.

The Iranian Central Bank deputy governor announced last week that it suspended the use of the US dollar in foreign trade transactions, adding that bilateral currency swap agreements were under consideration.

In November 2014, Russian President Vladimir Putin announced that Russia would quit the "dollar dictatorship," switching to more widespread use of the ruble and the yuan in international transactions.